CGX ENERGY (V-OYL)
.395 -0.02

Yesterday, CGX Energy made an announcement that looks

like their financial problems are behind them...and now we

wait for the results on Jaguar.

Interesting to see that Pacific Rubiales, that already owns

about 18% of CGX, now will own 35% to 40% of the company

as they pay $30 million to buy an additional 58 million shares.

President Kerry Sully tells us that they’ve spent much of

the last three weeks talking to everyone from majors, to juniors,

to whatever and that Pacific Rubiales remained

“incredibly keen” on the Jaguar so the deal was done. Also

Pacific Rubiales was able to move incredibly quickly.

As far as the Jaguar, Sully suggests that they are on

schedule and the 180-day drilling should come in around the

end of July. He reminds us that this is a well that will not be

tested, because of the incredibly high pressure and heat.

They will be using North Sea standards, so you will know

pretty quickly whether they have something...or not. He says,

“there will be no doubt as to what one might have.”

Meanwhile, Sully tells us that seismic data shot a while

ago is now starting to come in and on the Correntyne Block

alone they might have as many as three obvious targets.

Work still continues on the other block.